You hear about the golden handcuffs as it relates to the corporate space. Where an individual has enough financial incentives to stay at a company but will never make enough to have true freedom to leave or pursue something they're really passionate about. You're not necessarily trapped but you're stuck in a predicament that is good on the surface but not always the best if you take a step back and look under the hood.
Athletes also can find themselves in golden handcuffs if they're not taking a C.E.O approach to their careers. Athletes often find themselves in a paradoxical situation: they're at the pinnacle of their careers, earning substantial incomes, yet feeling trapped by what we call "golden handcuffs." These handcuffs represent the trap that you're only suppose to focus on what you can do on the field. That you're value is tied to only you as an athlete. What happens when you're done playing though? You're "handcuffed" into thinking there's nothing left for you and now you've put yourself in "jail" that you can't escape because you've been so locked in as an athlete.
Being handcuffed leads to disastrous results post career. We've seen the reports and have heard the stories. Whether it's financial instability, marital issues, depressions, struggle into workforce, etc are all problems related to being handcuffed.
Here are ways to avoid being handcuffed even as an athlete in their prime:
1. Develop a Growth Mindset
Embrace learning and see challenges as opportunities for growth. This mindset shift is crucial for transitioning from athlete to enterprise. As athletes we already carry this mentality, it's what's got us this far to begin with.
2. Financial Education and Planning
Invest time in understanding personal finance, investments, and business fundamentals. You are a business, so you need to treat yourself like one and at the very least understand the basics around yourself as an entity from a personal finance perspective.
3. Start Small, Think Big
Begin building your enterprise while still active in sports. Start with small investments or side projects that align with your interests and values. Small wins lead to BIG results. Get on base first to give yourself a chance to score.
4. Leverage Your Personal Brand
Your personal brand is a valuable asset. LEVERAGE accordingly
5. Network Beyond Sports
As an athlete you have unique access to rooms and circles that people pay for. How you network in and out of sport is the difference between Magic Johnson learning from the right people in the city to build his fortune to...
6. Diversify Your Interests and Investments
Don’t put all your eggs in one basket. Explore various industries and investment opportunities to create multiple income streams. Leave a little bit of room for a bigger party.
7. Continuous Learning and Adaptation
Learn to Earn or else you'll burn
Let’s Work Together
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